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As the two fastest growing economies in the world, China and India have agreed to establish a working group to liaise on all trade related matters and have also agreed to collaborate on a five-year economic co-operation plan. At the ninth session of the India-China meetings on economic relations, science, technology and trade held in China's capital city earlier this week, Beijing also assured New Delhi that the issue of bi-lateral trade being weighted in China's favor would be addressed by allowing India greater market access in agriculture, pharmaceuticals and information technology (IT), while at the same time raising the issue of the increase in customs duties imposed by India on imports of power equipment from China.

As the world's biggest exporter, China has been negatively impacted by ailing overseas economies, most notably debt-riddled Europe which is a key trading partner. July statistics reveal that exports to Europe for the first seven months of 2012 fell 3.6 percent to US$192.4 billion, compared with the same period last year. Shipments to the United States, on the other hand, rose 11.4 percent to US$195.4 billion for the seven month period. China's overall export figures revealed a growth of 1 percent in July, as opposed to the 11.3 percent increase experienced in June. With figures decidedly below expectations, concerns that China's economy is slowing down despite government strategies to stimulate growth, caused a worldwide slump in markets.

Launched by UK Trade & Investment (UKTI) to coincide with the London 2012 Olympics, the British Business Embassy is hosting up to 4,000 business leaders, investors and policy makers in Lancaster House in a concerted effort to attract investment into Britain. Representatives from China reportedly met with British representatives in the historic 19th century building, where several trade deals between China and Britain were finalized.

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